Posts tagged 'Bond Vigilantes'

This is not 1994

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Feb 12 13:11 | Comment |

Dario Perkins at Lombard Street Research has a great little note out on Tuesday arguing why it’s absolutely wrong to assume the current bond sell-off is in any shape or form a repeat of 1994.

As he notes (our emphasis): Read more

Fiscal credibility vs democracy

Kate is FT AV’s Asia Correspondent. She joined FT Alphaville in mid-2011 after carrying out various roles in the FT’s London office since 2005: interactive editor, companies reporter, and founding editor of the FT’s Energy Source blog.

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| May 16 2012 15:24 | Comment |

Last November John Hempton wrote an amusing post arguing that Ben Bernanke’s problem was that the Fed’s credibility was too high, thus creating a liquidity trap, and to solve this Bernanke should do something crazy like appear on television wearing a Hawaiian shirt and smoking a spliff.

John Kay’s latest FT column looks at the problem of credibility, although more in a fiscal than a monetary context. As he points out, we frequently hear now that credibility is the problem besetting heavily-indebted governments. Credibility is seen as a kind of panacea but Kay points out it’s only a very recent concept in economics: not in Keynes, not in Smith, not in Marshall. It dates back to a 1979 article by Finn Kydland and Edward Prescott, he says, who won a Nobel economics award for their work on the subject. Read more

Eurozone wars, or vigilante vs vigilante

Tracy Alloway used to be deputy editor of FT Alphaville. Here she learned the details of derivatives, the absurdities of accounting and the various structures of ... erm ... structured finance. She now covers big US banks for the FT paper, including Goldman Sachs and Morgan Stanley. She pops up on FT Alphaville every once in a while.

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| Sep 01 2011 15:25 | Comment |

Bond vigilantes — per James Carville — are intimidating things.

And no more so than in Europe. Rising bond yields in the region have managed to force austerity onto places like Greece, and are currently testing political will in Italy. Read more

Rub-a-dub-dub in a $21bn Treasuries tub

| Dec 08 2010 19:34 | Comment |

Investors sloshed and splashed in a $21bn bloodbath on Wednesday.

An auction of $21bn worth of US Treasuries at 3.34 per cent was the highest bid since May, and well past the 2.64 per cent yield at last month’s auction. Read more

More gilt-free bloodshed

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Oct 20 2010 12:16 | Comment |

Here’s a bit more on why the UK government’s massive spending review has had, and will likely have, less than a massive influence on the market for its bonds.

In fact — the government is detailing its cuts amid gilt yields that have rarely been lower in post-war history. Read more